Chapter 13 - If so close to Bitcoin, why not buy into it?

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Chapter 13

If so close to Bitcoin, why not buy into it?

A lot of people have pointed out that Satoshi Nakamoto likely holds in excess of 1,000,000 bitcoin which in today’s dollars would be well over $65 billion US dollars (this figure is changing all the time due to the volatility in price action of bitcoin).  Some might say, why hasn’t Satoshi Nakamoto cashed in some of those funds or transferred at least some of it into other forms of currency or stores of value.  I believe there are many reasons for this, some of which will be touched on in this writing.  But the short of it is, I’m convinced, bitcoin for Satoshi Nakamoto was never about greed or making a lot of money.  It was always about a societal impact for the better and providing a means for greater financial stability outside of financial institutions and government instability around the world.  There are many places on this planet where hyperinflation exists and the local currency has little value, if any.  Bitcoin would offer a stable alternative, relatively speaking, to the people of many areas around the world.  

I believe as Satoshi Nakamoto mined those early coins at 50 coins a block and accumulating mass numbers of coins, it was as much about testing the system and the methods as it was about any possible alternative motivation.  In those early days bitcoins had essentially no value and as time went on it took years before really any value to speak of.  Satoshi Nakamoto likely had faith it would take off and be accepted across the globe and have significant value at a certain time, but it was not certain exactly when.  In fact, Satoshi Nakamoto makes reference to this in one of his communications that essentially it would either be broadly accepted in 20 years or not at all (from the time of his launch).  

One might also ask, if the author knew so much about this all along why not invest in it as well in those early days.  Frankly, it was very much on the peripheral of things out there akin to Ponzi discussions or other farfetched ideas in the early days.  It was also very difficult for the average person to figure out the means for accumulating bitcoins. How does one acquire bitcoin before exchanges? Not that straight forward, particularly given all the security risks which have actually materialized in many cases.   Yes, some figured it out but most not so much.   It wasn’t until only recently in the last few years that bitcoin became mainstream available for purchasing options through online exchanges.  It has become as easily purchasable as any stock or other investment at this point in time.  And like stocks having the potential to lose all of their value, so does bitcoin.  Bitcoin is not FDIC insured like a Certificate of Deposit and many of the regulations around bitcoin and other cryptocurrencies continue to evolve and not have clear guidance as to their security as evidenced by the corruption and failing of the FTX Bankruptcy.  Significant amounts of bitcoin value in that exchange were allegedly misused and many people entrusting their purchases would have their funds lost.  This crypto exchange continues to go through various legal actions of recovery.  Whether these investors of bitcoin ever recover their full funds is still not entirely clear. 

Given all that has materialized with intrusive thefts of bitcoin, difficulty of acquisition in early years, ongoing trust issues around stability of bitcoin, and other risk factors, is it really any surprise someone with conservative tendencies and skepticism to new things would not purchase or acquire bitcoin?  

I do believe this aspect of having a higher purpose beyond money is something that Satoshi Nakamoto and I had in common at the time our paths crossed.  Greed and financial gain were not foremost or even at the least a motivating factor in much of our life’s interests.  Our paths crossed and my conversations with him were more out of common interests.  Beyond it having potential unfavorable consequences to his identity, “cashing in “ some or all of the held bitcoin in the various wallets potentially linked to Satoshi Nakamoto would not be motivated by an interest in receiving the funds.  Unless, that is, it served a greater purpose originally associated with the mission of bitcoin to better serve humanity.